Yup, the unthinkable has happened and the TARP has been voted down. The $700bn bailout package needed 218 votes to pass, but only got 207 in the House.
House leaders are keeping the vote open but a total of 94 Democrats and 132 Republicans cast initial votes against the bill. Will they change their minds. Will this sucker go down?
Amid the uncertainty the Dow is swinging around violently. Touched 10,438 as the news first surfaced. Now at 10,642, a loss of 500 points.
Update – S&P 500 off 66 points at 1,146 – a fall of 5.5%
Vix has jumped 29% to 44.87
Update II – the final tally shows that 205 voted in favour and 228 against.